Benefits of a Total Reward Strategy

It’s easy to think of total rewards as simply “pay and benefits,” but that’s a very limited view for today’s businesses. Contemporary HR managers think about the employee value proposition—the totality of the employment experience.

That includes culture, atmo-sphere, ethos, coworkers, management, physical plant, prospects, and a host of other inputs.

For you as an employer, this move toward total rewards is a double-edged sword. When compensation is no longer the be-all-end-all, it can be easier to keep your compensation budget at a reasonable level. However, there are many more moving pieces to keep track of in terms of nonmonetary perks and benefits.